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Companies like GE and Procter & Gamble have been in business for a long time. Over decades or a century you're bound to figure out a management structure that works.

I do think that in order for a company to be interesting to the investment community, there needs to be a plan; there needs to be a bigger retail footprint. There needs to be this idea - DNA, lifestyle, words I hate.

Companies are bought for their revenue, customer base, technology, or people. A few great companies offer all of these, but any valuable business offers one.

Everyone has the idea of owning good companies. The problem is that they have high prices in relations to assets and earnings, and that takes all of the fun out of the game.

It's the company itself, but most of these mutual fund companies, the guy who runs the company is just a fact totem and the guy who runs the money is the power. But we really don't know who they are.

Companies will need to pursue a more diversified business model, but I think those companies that have what I call a focused diversified business model will be more successful.

There are good examples of companies - Coca-Cola is one - that invested before there was a huge market in countries, and I think that ended up playing out to their benefit for decades to come.

From the business point of view, always encouraging the people in our company to own stock in the company, and if we're going to build something great, to have a lot of people share in the benefits of that greatness.

Hedge funds, private equity and venture capital funds have played an important role in providing liquidity to our financial system and improving the efficiency of capital markets. But as their role has grown, so have the risks they pose.